Caixa expected to offer R$10bn to very small companies

The federal government is working to hammer out by Tuesday a new credit line from Caixa Econômica Federal to very small companies. The state-owned bank is expected to allocate nearly R$10 billion in working capital loans while businesses are closed or operating below capacity. Nearly 2.2 million companies are expected to benefit. They will be able to receive for two months the equivalent of 30% of last year’s average monthly revenue. The payment period will be 24 months, with a grace period of six months. The government staff considers this period enough for very small companies to resume their activities.

Source: Valor Econômico